From 1 January, standard O-licence holders will be required to demonstrate an increased level of financial facilities, after the drop in the value of value of the pound following the EU referendum.

Both new applicants and existing operators will be required to demonstrate £7,950 (previously £7,850) for the first HGV and £4,400 (previously £4,350) for each additional vehicle they wish to be added to their O-licence.

The financial standing requirement for restricted O-licence holders will remain the same at £3,100 for the first vehicle and £1,700 for each additional vehicle.

Operators making applications to vary their O-licences will be required to produce evidence of meeting the revised criteria for their existing fleet as well as any additional vehicles. Those that appear at a public inquiry in front of the traffic commissioner will also need to demonstrate the required funds.

The level of finance operators are expected to demonstrate in order to gain a standard O-licence is set in EU law at €9,000 for the first vehicle and €5,000 for each additional vehicle.

The FTA earlier this year called for the government to consider setting its own rate of financial standing in pounds rather than euros post-Brexit.

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